Summary: Convenience is essential when it comes to making payments. This is why person-to-person (P2P) payment options are continuing to increase in popularity. Learn why your credit union should consider investing in a strong P2P payment solution.
Peer-to-peer or person-to-person (P2P) payment solutions have been increasing in popularity since its rollout. Last year in the United States, 63.5 million people accessed some form of a mobile P2P payment app.
In order to offer a strong payment solution service line, credit unions need to ensure they are providing their members with the products they want. Popular P2P companies like Venmo, Square Cash and now Zelle are taking advantage of people looking for a simpler payment solution.
• Venmo is PayPal’s social payment platform. This P2P giant has experienced 78 percent year-on-year growth and reported a payment volume of $14 billion in the last reported quarter.
• Square Cash is another company that is rapidly growing. At the end of the first quarter in 2018 the company $17.8 billion in gross payment volume. This P2P option was created by Square and has over 7 million active customers.
• Zelle is one of the newer P2P options on the market. It was established in 2017 by big banks like Wells Fargo, Bank of America, US Bank and others. According to a press release from Zelle, in the second quarter of this year, 100 million transactions occurred for a total of $28 billion.
It may seem impossible to compete with the big P2P companies, that is why Member Access Pacific (MAP) decided to create an option for credit unions that is easy to implement and will help provide a competitive in the marketplace. Pocket2Pocket allows your members to make transactions that are PIN-secured to anyone that has an email address or a cell phone number.
Convenience is not the only benefit of MAP’s P2P option; it is entirely customizable to your credit union. You can determine if a fee makes sense for your membership and funds can be received in real-time on a debit card or a traditional ACH. Your credit union will maintain control of the transaction funds as well as set the policies and disclosures.
Offering the latest in payment technology will also help you promote your brand and increase overall member loyalty throughout 100 percent white label solution. Your transaction volume will also improve by providing another payment avenue to your membership.
Gesa Credit Union was one of the first credit unions in the country to offer this service to their membership. Find out why they chose to partner with MAP.
Studies have shown the 22 percent of people are willing to switch financial institutions to gain access to mobile banking and payments. Contact MAP today to learn more about our P2P options and how to bring the latest payment technology to your credit union.